Henrik Andersson presented his in-depth investment thesis on Ashmore Group (London: ASHM) at Wide-Moat Investing Summit 2017.
Ashmore is typical of the holdings Henrik seeks out. It is owner-operated with a genuinely strong corporate culture, positioned well in an attractive marketplace that offers meaningful reinvestment opportunities. The company’s excellence has shown over the last “seven lean years”, when emerging markets debt suffered massive outflows, but the company kept up margins, never lowered the dividend, and kept making long-term decisions. Everyone in the organization “eats, lives, and breathes” emerging markets. The management team is exceptionally bright. Even though EM debt constitutes 30% of all outstanding debt, it feels as if the marketplace is just beginning to gain traction, “one scare at a time”. It is increasingly heterogeneous but makes up only ~5% of institutional investor allocations. Henrik and his team believe the valuation is attractive in light of the opportunity to be part of a listed “private partnership in spirit”.
About the instructor:
Henrik Andersson serves as fund manager at Didner & Gerge. He has worked within a framework of investing in quality franchises in a concentrated portfolio setting since the early 2000s. After five years as an assistant fund manager and analyst at Handelsbanken Asset Management, in 2003 he launched a discretionary portfolio named European Quality with 15 holdings, inspired by Peter Cundill’s approach of “never shoot into the broom”. That later branched out to a family of funds named the Selective Funds. In 2011 he joined Didner & Gerge, an employee-owned asset management boutique, to launch a Global Equity Fund together with a colleague. D&G Global is now applying the same principles they have used for over a decade in trying to identify sustainably great companies with an appealing valuation starting point. Over the years, an increased emphasis has been put on corporate leadership with a clear preference for owner-operated companies with a history of outstanding operations.
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